There is a new article out about KPL, or the Kid Programming Language.
This is a really neat idea that is being supported by Microsoft and was recently featured on the Coding4Fun site on MSDN.
I have played with this some and the syntax is very much like Visual Basic however the IDE it comes with is much simpler and targeted at young kids.
My oldest son has just turned six so this might be a bit to advance for him in a few years I can see real possibilities in our household.
If you have kids, or are just curious check out the free download.